MiCA (Markets in Crypto-Assets) is Regulation (EU) 2023/1114 on markets in crypto-assetsCrypto-assetThe legal term for cryptocurrencies and tokens, meaning a digital representation of value or rights that can be transferred and stored on a blockchain.. It sets the same rules for issuing crypto-assets and providing services with them in every country of the European Economic Area. Iceland made MiCA law through Act No. 101/2025 on markets in crypto-assets (lög nr. 101/2025 um markaði fyrir sýndareignir), which took effect on 1 January 2026.
In EU countries, the regulation has applied in full since 30 December 2024.
What does MiCA do?
- Licensing. Companies that provide crypto-asset services, such as buying, selling and custody, need a licence as a crypto-asset service provider (CASP)CASP (crypto-asset service provider)A company licensed under MiCA to provide crypto-asset services, such as buying, selling, custody or transfers.. In Iceland, the Central Bank of Iceland is the competent authority.
- Protecting client assets. Providers must safeguard their clients' ownership rights, including if the company goes bankrupt, and must not use client assets for their own account.
- Disclosure. When crypto-assets are offered to the public or admitted to trading, a WhitepaperWhitepaperA document in which the creators of a cryptocurrency or project describe how it works, what it is for and which rules apply to it. describing the rights and risks usually has to be published.
- Stablecoins. Stricter rules apply to stablecoinsStablecoinA cryptocurrency designed to keep a steady price, usually by tracking the US dollar or another currency., which MiCA calls asset-referenced tokens and e-money tokens.
- Market abuse. Insider dealing and market manipulation involving crypto-assets are banned.
A company licensed in one EEA country can offer its services in the others.
What MiCA doesn't do
MiCA doesn't protect you from price swings. Crypto prices can fall fast, whether or not the provider is licensed. Nor does the regulation cover NFTsNFT (non-fungible token)A unique token on a blockchain that records who owns a specific item, such as a piece of digital art, a ticket or an item in a game. that are unique and not interchangeable, or services that are fully decentralised with no intermediary at all.
A licence still matters. It means a supervisor has assessed the company and keeps watching it.
Everything in Myntkaup Learn is written and regularly reviewed by the Myntkaup editorial team. It is for education and is not investment advice. Editorial policy. Updated 18 October 2026.